Business, international

Don't blame me, says Thai tycoon

Article Abstract:

Tycoon, economist, and former commerce minister of Thailand, Dr. Narongchai Akrasanee, says not to blame him for the economic problems that almost brought the country to a stop in 1997. Nor does he feel he was responsible in his role in managing General Finance & Securities (GF) of which he had been chairman before taking the government post. Dr. Narongchai says the economic collapse in Asia is the fault of immaturity and inadequacy of the financial systems. He had advocated financial liberalization.

Vietnam must act now, Vi Le

Article Abstract:

Vi Le, Australia's minister-counsellor and senior trade commissioner, told Vietnam's Prime Minister Phan Van Kahi the Vietnamese government is failing foreign investors. Many investors are finding the government's policies and operational environment are different from the theory preached by the government's legislation. Inefficient bureaucracy has resulted in slow development, according to Le.

Leighton finds solace in HK

Article Abstract:

Hong Kong and Philippines present Leighton Asia great opportunities for growth. Almost 70% of Leighton's work and profit come from Hong Kong, and the government is continuing to promote housing, rail, and road projects despite the currency turmoil. However, Thailand projects will suffer because of the decline in development jobs and low investor confidence.